The Administrative Measures for Online Payment Business of Non-bank Payment Institutions entered into force on 1 July 2016.
There are 46 articles in total, which aim to supervise the online payment business of non-bank payment institutions. The key points are as follows:
- Non-bank institution (hereinafter “payment institution”) refers to a non-bank institution that has obtained the Payment Business License according to the law and is approved to handle online payment, mobile phone payment, fixed-line phone payment, digital TV payment, and other online payment businesses.
- Online payment refers to the activity in which the payee or payer, relying on the public network information system, sends the payment instruction remotely through the computer, mobile terminal and other electronic equipment, while the electronic equipment of the payer does not interact with the specific exclusive equipment of the payee, and the payment institution provides the fund transfer service for the payee and payer.
- Payment institutions shall not operate (or operate in a disguised form) businesses such as securities, insurance, credit, financing, wealth management, guarantee, trust, currency exchange, cash deposit, and withdrawal, etc.